Registration Report Analysis - 2024 January Taiwan Car Market

車未來 2024-02-01

Market Overview: The car market in January has slightly increased by 3.8% compared with December. The total registration number this month is 44,821 units, which is 28.8% higher YOY. In this month, Among the major brands, Mercedes-Benz, Lexus, Hyundai, CMC, MG, and BMW had increased, and Mercedes-Benz has the biggest growth of 99.1%. However, Toyota, Honda, and Nissan had decreased, and Nissan has the biggest drop of 8.5%. In the beginning of this year, the presidential election has ended in Taiwan, and the economic has been recovered compared with last year. In addition, the problem of new car supply chain and global chip shortage are not serious anymore, so that the accumulated orders can be delivered successively. Consequently, we assume that the annual registration number should be stable.

Market share of brands:

The market share performance of each brand this month is still led by Toyota/Lexus (34.3%). Honda ranked at 2nd place by 7.4%, and Mercedes-Benzi ranked at 3rd place by 7.2%, and Hyundai ranked at 4th place by 6.1%, and CMC ranked at 5th place by 5.3%, and MG ranked at 6th by 5.1%, and Nissan ranked at 7th place by 4.5%, and BMW ranked at 8th place by 3.9%, and Ford ranked at 9th place by 3.5%. Mercedes-Benz, Lexus, Hyundai and CMC had significantly increased compared with last month.

Comparison between domestic cars and imported cars (excluding heavy duty trucks):

The sales ratio of domestic cars and imported cars is 57.4% vs. 42.6% this month. Imported passenger cars have 24.3% more sales ratio YOY, but it had decreased by 4.4% compared with last month due to imported cars were influenced by the Red Sea crisis, reduced production capacity and shipping during Christmas holiday season. Therefore, the sales ratio in the future depends on supplies.

Outstanding models:

There are 11 models that had more than 1,000 units of sales this month… Corolla Cross (3,202 units), RAV4 (1,741 units), Corolla Altis (1,640 units), Town Ace (1,609 units), CR-V (1,209 units), Veryca (1,171 units), Yaris (1,044 units), Kicks (1,007 units). In the competition of light duty trucks, Toyota Town Ace significantly outperformed CMC Veryca (2,038 units vs. 1,230 units).

BEVs market:

The delivery of BEVs is totaling 1,213 units this month, and BMW iX1 occupies 18.38% of market share. In addition, i4 has been delivered for 131 units, iX has been delivered for 123 units, EQE SUV has been delivered for 74 units, Taycan and XC40 Recharge had been delivered for 60 units, bZ4X has been delivered for 53 units, EV6 has been delivered for 51 units, and other brands had deliveries also. The growth of BEVs market this month is 89.24% higher YOY, so the development in the future is worthy of attention.